Knightsbridge Tankers Limited reports net income of $8.9 million and earnings per share of $0.48 for the third quarter of 2010. The average daily time charter equivalents ("TCEs") earned by the Company's VLCCs excluding bareboat charters and Capesize vessels were $30,800 and $40,700, respectively, compared with $49,800 and $45,500 in the preceding quarter. VLCC revenues and TCEs decreased mainly due to weaker results from the Mayfair, which operated in the spot market and the absence of profit share from the Hampstead and Kensington in the third quarter. Although Capesize revenues increased due to the delivery of Golden Future in July, average Capesize TCEs decreased due to the lower rate earned by the Golden Future compared with the other two vessels.
The net increase in cash and cash equivalents in the quarter was $11.1 million. The Company generated cash from operating activities of $20.0 million, paid $47.0 million in connection with the purchase of Golden Future and paid a dividend of $9.3 million. The Company borrowed $104.6 million, net of fees paid, and repaid debt of $57.3 million. In November 2010, the Company has average cash breakeven rates for its VLCCs excluding bareboat charters and Capesize vessels of approximately $19,200 and $8,800 per vessel per day, respectively.
For the nine months ended September 30, 2010 the Company reports net income of $32.6 million and earnings per share of $1.86. The average daily TCEs for the Company's VLCCs excluding bareboat charters and Capesize vessels for the nine months ended September 30, 2010 were $38,500 and $43,500 respectively.
The net increase in cash and cash equivalents in the quarter was $11.1 million. The Company generated cash from operating activities of $20.0 million, paid $47.0 million in connection with the purchase of Golden Future and paid a dividend of $9.3 million. The Company borrowed $104.6 million, net of fees paid, and repaid debt of $57.3 million. In November 2010, the Company has average cash breakeven rates for its VLCCs excluding bareboat charters and Capesize vessels of approximately $19,200 and $8,800 per vessel per day, respectively.
For the nine months ended September 30, 2010 the Company reports net income of $32.6 million and earnings per share of $1.86. The average daily TCEs for the Company's VLCCs excluding bareboat charters and Capesize vessels for the nine months ended September 30, 2010 were $38,500 and $43,500 respectively.